Swiss National Bank Grows Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Key Points

• The Swiss National Bank increased its holdings in Okta, Inc. by 0.8%, now owning approximately 462,600 shares valued at $48.67 million.
• Okta reported a net margin of 4.85% and quarterly revenue of $688 million, exceeding analyst expectations, with earnings per share at $0.86 for the most recent quarter.
• Insider transactions revealed significant selling activity, with CEO Todd Mckinnon selling 31,592 shares, reflecting a sharp decrease in ownership by 60.44%.

Swiss National Bank raised its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 462,600 shares of the company's stock after purchasing an additional 3,800 shares during the period. Swiss National Bank owned approximately 0.27% of Okta worth $48,675,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in OKTA. Wolff Wiese Magana LLC grew its stake in shares of Okta by 167.4% during the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after buying an additional 154 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Okta during the first quarter worth $27,000. Harbour Investments Inc. grew its stake in shares of Okta by 152.4% during the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after buying an additional 157 shares during the last quarter. Rossby Financial LCC bought a new stake in shares of Okta during the first quarter worth $31,000. Finally, Center for Financial Planning Inc. bought a new stake in shares of Okta during the first quarter worth $47,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,244 shares of the firm's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.00, for a total value of $224,400.00. Following the completion of the transaction, the insider directly owned 23,640 shares of the company's stock, valued at $2,364,000. This trade represents a 8.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Jonathan James Addison sold 9,000 shares of the firm's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.00, for a total transaction of $900,000.00. Following the completion of the transaction, the executive directly owned 7,067 shares of the company's stock, valued at approximately $706,700. The trade was a 56.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,594 shares of company stock worth $8,382,790 in the last 90 days. 5.68% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

OKTA has been the topic of several analyst reports. Jefferies Financial Group reduced their price objective on shares of Okta from $130.00 to $105.00 and set a "hold" rating on the stock in a research note on Thursday, July 24th. Wells Fargo & Company boosted their price objective on shares of Okta from $100.00 to $110.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 28th. BTIG Research reissued a "buy" rating on shares of Okta in a research note on Thursday, May 22nd. Stifel Nicolaus boosted their price objective on shares of Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Finally, Scotiabank boosted their price objective on shares of Okta from $109.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $118.61.

Okta Stock Performance

Shares of Okta stock traded down $2.26 on Thursday, reaching $88.72. 2,991,433 shares of the company traded hands, compared to its average volume of 3,602,887. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $127.57. The company has a 50 day moving average of $97.09 and a 200 day moving average of $102.57. The firm has a market capitalization of $15.53 billion, a PE ratio of 140.83, a PEG ratio of 4.32 and a beta of 0.80. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.77 by $0.09. The company had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. Okta's revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the firm earned $0.65 EPS. Equities analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.